To collect and evaluate business ideas, companies use various methods such as employee suggestion boxes, hackathons, and ideation sessions. However, the real challenge lies in selecting and developing the most promising ideas that align with the company's strategic goals and can drive long-term growth.

Innovation units evaluate each idea based on its strategic fit, potential for success, feasibility, and ability to solve a real pain point for the company or its customers. It is important for innovation units to stay up-to-date on industry trends and emerging technologies to identify promising opportunities. However, internal innovation units may face biases or limitations that can affect the selection process. This is where an external perspective can help. Working with partners brings a fresh perspective, expertise, resources, and networks that can help identify and develop the most promising business ideas while avoiding biases or limitations.

Bitrock offers an Idea Selection Workshop that helps companies select the best ideas for further validation based on strategic fit, potential, feasibility, and pain-solving capabilities. By selecting the most promising ideas, companies can invest resources more efficiently and effectively. The workshop identifies key hypotheses and outlines a validation path to increase the chances of success and minimize the risk of investing resources in ideas that may not lead to viable business opportunities.

Feel free to contact us if you want to know more about how to leverage your internal ideas best.